 Panel A: Contracting \\ & Static Coefficient & Pre Trends & Obs. \\
 PhD cosupervision (binary) & 0.0025*** & [p=0.790]  & 50410 obs \\
 & (0.0005) &  & (3685 pairs) \\ 
 Outsourcing R&D to public labs (binary) & 0.0023*** & [p=0.591] & 43290 obs \\
 & (0.0008) & & (3679 pairs) \\ 
 Outsourcing R&D to public labs (log)& 0.0402*** & [p=0.233] & 5255 obs \\
 & (0.0143) & & (963 pairs) \\ 
 \cr Panel B: Worker Mobility \\ & Static Coefficient & Pre Trends & Obs. \\
 Transfer of senior academics (binary) & 0.0022** & [p=.] & 36113 obs \\
 & (0.0010) & & (3672 pairs) \\ 
 Transfer of junior academics (binary) & 0.0011. & [p=.] & 36113 obs \\
 & (0.0009) & & (3672 pairs) \\ 
 Transfer of researchers (binary) & 0.0020** & [p=.] & 36113 obs \\
 & (0.0010) & & (3672 pairs) \\ 
 Hiring of young PhDs (binary) & 0.0027*** & [p=0.060] & 39687 obs \\
 & (0.0007) & & (3677 pairs) \\ 
 \cr Panel C: Startup creation \\ & Static Coefficient & Pre Trends & Obs. \\
 Creation rate of new plants & 0.0022*** & [p=0.130] & 53549 obs \\
 & (0.0006) & & (3630 pairs) \\ 
 - by new firms & 0.0019*** & [p=0.074] & 53549 obs \\
 & (0.0004) & & (3630 pairs) \\ 
 - by existing firms & 0.0003. & [p=0.846] & 53549 obs \\
 & (0.0003) & & (3630 pairs) \\ 
 - with engineers & 0.0007*** & [p=0.268] & 53549 obs \\
 & (0.0002) & & (3630 pairs) \\ 
 Academic Spin-offs (binary) & 0.0014*** & [p=0.197] & 39710 obs \\
 & (0.0002) & & (3675 pairs) \\ 
